Stop incentivizing early retirement

8 Jan 2014

Philip Booth is quoted in the Yorkshire Post

IEA Editorial Director Philip Booth commented on the recent decision of the Prime Minister to retain the 'triple lock' on pensions, arguing that individuals should be encouraged to save for their own retirement and thus bear the costs of earlier retirement themselves.

Philip Booth said: "The Government needs to wake up to the reality of the long-term state of the public finances. People retire earlier on average today than they did in the 1960s despite huge improvements in life expectancy. People should have both the opportunity and incentive to continue some form of paid work into older age.

Policymakers must urgently implement a coherent package of reforms, including a more rapid increase in the retirement age and a substantial reduction in employment protection legislation which is especially damaging to older people.”